BOCA RATON, FL-Locally based Woolbright Development Inc., continues to add to its local portfolio with the acquisition of Del Mar Village, the 153,523-sf shopping center at the northwest corner of Palmetto Park and Powerline roads. Winn Dixie and CVS Pharmacy are anchors, and among the other tenants are Hollywood Video, Boston Market, Curves, State Farm Insurance and the UPS Store. According to its website, the center has just 2,439 sf vacant.

A spokesperson for Woolbright tells GlobeSt.com the price was $30 million, or just over $195 per sf, but declined to identify the seller. In August, GlobeSt.com reported that Woolbright paid $228 per sf for Shops at Boca Grove, and a report from the area office of CB Richard Ellis states that the previously undisclosed price it paid for Glades Plaza here as part of three-property Florida portfolio was just over $334 per sf.

The retail vacancy rate throughout Palm Beach County is under 3.6%, according to CBRE data, and the average asking lease rate in Boca Raton is $29.99 per sf, triple-net, the second highest in the country behind the Palm Beach submarket. According to a Woolbright statement, the company "is currently in the process of developing a renovation plan" for Del Mar Village.

The acquisition "further solidifies our ownership of shopping centers in prime Boca Raton locations," Mike Fimiani, VP of leasing, says in the statement. "We'll continue to expand our portfolio with these types of centers throughout the state."